SM Entertainment and YG Entertainment, two big agencies in Korea, have expanded their businesses and ventured into musicals. The music and movie markets have slowed down for the past years while the musical industry has been growing about 30% every year, making the musical business an opportunity for both agencies to expand their businesses.
Today, May 26, a YG Entertainment official revealed that it has partnered with musical production company Seol and Company, which has already produced musicals like “Cats” and “Phantom of the Opera.” In the said partnership, YG plans on having its singers and actors to star in musicals that are being produced by Seol and Company.
Meanwhile, SM Entertainment made a press release today stating that SM Art Company, its subsidiary, is going to be in charge of planning and producing musicals. SM Art Company’s first musical project is “Xanadu,” which has Super Junior’s Heechul and Kangin as part of its cast.